Thursday, June 12, 2008

About this Blog

When to Buy Singapore Property ?

There are a few schools of thoughts:

1. For those who believe that we're heading for a severe, prolonged global recession; this is probably not the time to buy yet. They may want to see how the current global crisis play out.

2. For those who believe that Singapore's economy in the medium term i.e for the next 5 years is rosy and that the IRs will bring the spur that have been promised, it may be time to consider. The main consideration being the price. Most smart buyers are of the opinion that property price should drop by about 40% before it makes good investment sense to buy Singapore property.

Smart buyer, Sean has the following advice for buyers.

Dear All Buyers,

My advise dont buy any property now cause agents and developers will go all the way to deceive you to commit. The following are the reasons:

(a) Many new launches especially those from enbloc sites will claim record breaking prices when this is questionable. Reason being most of the buyers are actually previous owners of the same old condo in that enbloc site whom has strike an agreement with the developer to buy the unit there. Developer on the other hand take advantage of this to mark up their condo prices. Dont get deceived ! These buyers are just buyers on paper only. The developer merely transfer the ownership title to them 1-for-1. No cash outlay is involved but the price can be fixed discriminately.

(b) Agents will fill a new condo showroom with large number of 'fake' buyers. Do not be surprised that some of these buyers are themselves agents who pretend to be very interested buyers just to give you a psychological feeling that the market is still good, when the reality is really painful.

(c) Rebate on selling prices - this practice might resume back from old time where developer give indirect cash rebate in the form of furnishing rebates or otherwise which could amount to 10-20% discounts from actual purchasing price lodged on caveat. As such, dont get cheated by this.

My conclusion, just shun away from buying now. Wait till end of this year when we have more units TOP and the recession in the US & World economy getting clearer as clear as a crystal ball. My take is if you really need to buy, dont pay anything more than last year's price with a discount of at least 40% in order to have a safe investment position. Otherwise dont commit. You will be laughed at as an idiot to pay last year's price..

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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)